Digital Asset Market Clarity Act
Sponsored by J. French Hill
Cloture motion on the motion to proceed to the measure presented in Senate. (CR S4557)
Aug 8, 2026
The Digital Asset Market Clarity Act of 2025 establishes a regulatory framework for digital assets that use blockchain technology. The Commodity Futures Trading Commission gains primary authority to regulate digital commodity exchanges, brokers, and dealers, while the Securities and Exchange Commission gains jurisdiction over certain broker and dealer activities on alternative trading systems and national securities exchanges. The bill sets conditions for trading digital commodities on exchanges based on blockchain maturity and issuer reporting, and creates exemptions from SEC registration requirements for digital commodities on mature blockchains meeting specified criteria. Digital commodity market participants must comply with trade monitoring, recordkeeping, customer asset requirements, and anti-money laundering provisions under the Bank Secrecy Act.
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Digital Asset Market Clarity Act of 2025 or the CLARITY Act of 2025 This bill establishes a regulatory framework for digital commodities, defined by the bill as digital assets that rely upon a blockchain for their value. The Commodity Futures Trading Commission must generally regulate digital commodities transactions, including digital commodity exchanges, brokers, and dealers. To qualify for trade on an exchange (1) a digital commodity’s blockchain must be mature, or on a blockchain system that has achieved decentralized control as defined by the bill; or (2) the issuer of the digital commodity must file certain reports. The bill establishes requirements for trade monitoring, recordkeeping, and the commingling of customer assets. The bill exempts digital commodities on mature blockchains (and digital commodities on blockchains expected to mature within certain timeframes) from Securities and Exchange Commission (SEC) registration requirements if annual sales fall under a certain amount and other requirements are met. The bill provides the SEC with jurisdiction over digital commodity activities and transactions engaged in by certain brokers and dealers on alternative trading systems and by national securities exchanges. Digital commodity exchanges, brokers, and dealers are subject to the Bank Secrecy Act for anti-money laundering and related purposes. The bill also sets forth requirements for alternative trading systems, previously issued digital commodities, and provisional registration until the bill is implemented. For more information on this bill, see CRS Insight IN12583, Crypto Legislation: An Overview of H.R. 3633, the CLARITY Act .